China fines affiliate of IT giant Alibaba for irregular pricing

China’s market regulator said Wednesday that it has fined the country’s IT companies, including an affiliated firm of Alibaba Group Holding Ltd., 500,000 yuan ($76,657) each for irregular pricing. The punishment comes as President Xi Jinping has pledged to strengthen measures to curb monopolistic behavior and disorderly capital expansion of the nation’s IT giants. Earlier this month, China’s State Administration for Market Regulation started an anti-monopoly investigation of Alibaba, a Chinese company that has grown into one of the world’s largest e-commerce businesses, in response to reports …

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